Economics (11th Grade or 12th Grade)

📊 Economics – Scheme of Work

Level: Grade 11 or 12 (Senior High School)
Duration: Full Academic Year (3 Terms / 40 Weeks)
Prerequisites: None, though basic math/algebra skills are helpful.
Curriculum Compatibility: WAEC, IGCSE, Cambridge, IB, AP Micro/Macro

🔹 Term 1: Introduction to Economics & Microeconomics Basics (Weeks 1–13)

Weeks 1–2: Introduction to Economics

• Definition, scope, and nature of Economics

• Basic economic problems (scarcity, choice, opportunity cost)

• Economic systems: market, command, mixed

• Factors of production
  
  

Weeks 3–4: Basic Concepts and Tools

• Wants vs needs

• Production possibility frontier (PPF)

• Opportunity cost and trade-offs

• Economic agents and decision-making
  
  

Weeks 5–7: Demand and Supply

• Law of demand and law of supply

• Factors affecting demand and supply

• Market equilibrium and disequilibrium

• Shifts vs movements along curves
  
  

Weeks 8–10: Elasticity

• Price elasticity of demand (PED)

• Price elasticity of supply (PES)

• Income and cross elasticity

• Applications of elasticity in pricing and taxation
  
  

Weeks 11–13: Production and Costs

• Short-run vs long-run production

• Law of diminishing returns

• Types of costs: fixed, variable, total, average, marginal

• Revenue concepts: total, average, marginal revenue
  
  

🔹 Term 2: Market Structures, Labour & National Income (Weeks 14–26)

Weeks 14–16: Market Structures

• Perfect competition

• Monopoly and monopolistic competition

• Oligopoly

• Price determination and firm behavior in each structure
  
  

Weeks 17–18: Labour Market and Wages

• Demand and supply of labour

• Wage determination

• Trade unions

• Labour mobility and unemployment types
  
  

Weeks 19–21: National Income and Circular Flow

• Circular flow of income (2-sector & 3-sector models)

• National income aggregates: GDP, GNP, NNP, etc.

• Measuring national income: income, output, and expenditure methods

• Limitations of GDP as a welfare measure
  
  

Weeks 22–24: Employment and Inflation

• Types of unemployment (frictional, cyclical, structural)

• Full employment and natural rate

• Inflation: demand-pull, cost-push

• Effects of inflation and control measures
  
  

Weeks 25–26: Mid-Year Review & Assessment

• Cumulative revision

• Mid-term exam or economics project presentations
  
  

🔹 Term 3: Public Finance, Trade & Development Economics (Weeks 27–40)

Weeks 27–28: Government and Fiscal Policy

• Role of government in the economy

• Government revenue: taxes, fees, grants

• Government expenditure and budgeting

• Fiscal policy: expansionary vs contractionary
  
  

Weeks 29–30: Money and Banking

• Definition and functions of money

• Characteristics of money

• Central bank vs commercial banks

• Functions of a central bank
  
  

Weeks 31–32: International Trade and Balance of Payments

• Benefits and barriers to trade

• Balance of trade vs balance of payments

• Exchange rates: fixed vs floating

• Trade policies: tariffs, quotas, subsidies
  
  

Weeks 33–35: Economic Growth and Development

• Difference between growth and development

• Indicators: HDI, literacy rate, income per capita

• Causes and consequences of underdevelopment

• Sustainable development and poverty alleviation
  
  

Weeks 36–38: Global Institutions and Aid

• Role of the IMF, World Bank, WTO

• Foreign aid: types, advantages, limitations

• Multinational corporations (MNCs) and globalization
  
  

Weeks 39–40: End-of-Year Revision & Final Exam

• Recap of micro and macro concepts

• Past paper practice and mock tests

• Project or group presentations
  
  

📘 Enrichment Activities

• Debates: “Should governments regulate prices?”

• Mini research: Effects of inflation in your country

• Trade simulation game

• Economic policy advisory simulation

• Budgeting a fictional country's economy